As a business owner, you undoubtedly hope that the ideas and tools of the trade that led to your success won’t be discovered by your competition. As you certainly know, the business world can prove competitive and harsh, which contributes to why you likely hold company policies and actions close to the vest. While you may wish to keep your ideas to yourself, you also know that your business cannot grow if you do not allow others to assist you.
You probably have doubts about who may prove trustworthy, but luckily, you can take steps to protect yourself and your business as you hire additional employees or form business partnerships. Creating a nondisclosure agreement, or NDA, could help you in such an endeavor.
Over the course of your business development, you have likely also created trade secrets that pertain to how you run your company. Because the point of such secrets revolves around keeping the ideas out of public knowledge, taking steps to protect those secrets falls to you. You can create an NDA and require new business connections to sign the document.
This type of agreement could also work mutually between business relationships. This means that if a new connection of yours agrees not to disclose your secrets you also agree not to disclose the other party’s business secrets.
When creating such an agreement, you want to ensure that you cover the bases you want to protect. Therefore, you need to include a definition for confidential information as it pertains to your NDA. Additionally, you may include what information does not necessarily fall into the confidential category.
When drafting your agreement, other details that you likely want to include relate to the duties and obligations of the individual with whom you enter the agreement. You also need stipulations regarding the time period during which you will enforce the agreement.
Creating an agreement
The details of this document can play a vital role in how well your business ideas and secrets are protected. Though you could draft your nondisclosure agreement yourself, you may risk not fully covering all the areas you hope to protect. Therefore, you may wish to determine your options for making your agreement legally binding.
If you hope to make your contract as ironclad as possible, you may wish to discuss your hopes and desires with an experienced Ohio attorney. A legal professional can review your document to ensure you cover the intended information as well as provide you with information on what actions to take if someone violates the agreement.